If your credit rating is not where you’d like it to be, you may wonder if there are credit restoration strategies you can employ to turn the situation around. But even if there are, will it be too much effort or take many years to accomplish?

Don’t let these questions dissuade you from taking control of your circumstances. You can restore your credit with less trouble than you may think. Here are seven great ways to get it done.

According to the Fair Credit Reporting Act, your credit file should only contain timely and accurate information. That means anything that’s not correct shouldn’t be listed.

Pull your credit reports from AnnualCreditReport.com and review them for evidence of fraudulent activity, such as accounts you never applied for or opened and credit card balances that don’t belong to you. You can then dispute errors immediately using the online form available on the websites of the individual credit reporting agencies.

• Equifax Dispute
• Experian Dispute
• TransUnion Dispute

Investigations take about 30 days. When the items are removed from your credit report you will not be penalized for any negative history associated with them.

FICO® Scores and VantageScores are the two most common credit scoring models, and they both range from 300 to 850. Higher numbers indicate a lower credit risk.

The most important factor in your credit score is your payment history. Nothing will drive your numbers down faster than missing a payment, especially when done repeatedly.

You can’t change the past, but you can change the future, so from this moment forward, pay all the accounts that appear on your credit report on or before the due date. As the months go by, your scores will go up.

The second most important factor in determining your credit score is the amount you owe compared to the amount you can borrow. It’s called your credit utilization ratio, and you’ll want it to be low.

If it isn’t, it can hurt your credit score. The best-case scenario is to carry no credit card debt. The second-best is to keep your balance below 30% of your total credit limit.

Your task will then be to reduce high balances by paying down your debts so you have at least 70% of your credit line open. If cash is too tight to make a dent in your maxed-out credit card accounts, you may still be able to lower your credit utilization ratio using a couple of creative methods.

If you qualify for one, you can get a new credit card. Because it comes with a fresh credit line, it will help your overall credit utilization. Just make sure that when you use it, you always pay the entire balance.

Another way to improve your credit utilization ratio is to ask your current credit card companies to increase your credit limits. This can make an instant difference.

For example, if one of your credit cards has a credit limit of $1,000 but you’ve used $600 of it, your credit scores will be lower because you’ve used 60% of the line. But if the issuer agrees to hike your credit limit to $3,000, that same balance would represent just 20% of your credit utilization ratio.

If you have a good friend or family member who has excellent credit — and happens to be generous and trusting — you may be able to convince that person to add you as an authorized user on a well-managed credit account (frequent use, perfect payment history, and no carried over debt).

When added as an authorized user, that account will show up on your credit report as well as his or hers. You don’t even have to use the credit card you may be issued to reap the credit rating benefit.

The potential downside is that if the primary cardholder (your friend or family member) misses a payment or maxes out the credit limit, this will hurt both of your credit scores. Your card privileges will also be limited in that you can’t make changes to the account, such as requesting a credit limit increase, but you will have all the spending power the card carries, under the terms you’ve arranged with the primary cardholder, of course.

One of the three major credit reporting agencies — Experian — allows you to enroll in a program where you add bills, such as your mobile phone and utilities, to your credit report. It’s called Experian Boost, and, if you sign up, all the payments you make on those regular expenses will be calculated into your FICO Score.

Experian reports that 75% of consumers with a score below 680 saw an improvement in their credit score using Experian Boost. Boost is free to use but does require a linked bank account to verify your positive bill payment history.

Average users have boosted their FICO Scores by 14 points. It may just be the boost you need to move into the next credit score category.

If your credit report is filled with errors or you simply do not feel comfortable disputing the line items by yourself, do not hesitate to obtain professional assistance. A reputable credit repair company can be your best bet because it will do nearly all the work to contest incorrect information on your credit report for you.

Some of the most highly rated companies that specialize in dealing with consumer credit issues are Lexington Law, CreditRepair.com, and Sky Blue.

All you need to do is provide them with some information about yourself and the accounts in question, then they take over. You will have to pay a fee for the service, but if you’re too busy or don’t have the inclination to DIY, a credit repair company can be a worthwhile alternative.

If your credit reports show damaging yet accurate information that is still within the statute of limitations (such as bankruptcies, defaults, and collection accounts), you can’t purge them. What you can do is add positive data to your file that overshadows those past problems.

Use your credit cards when you know you have the money to pay for things, then handle them the right way: pay on time and in full. Also consider taking out a credit builder loan, which is usually offered by credit unions.

A credit builder loan allows you to deposit money in fixed payments into a special account, and, after a few months, the lender returns the total balance of the loan to you. The lender sends your payment history on the loan to the credit reporting agencies. Your behavior of making regular on-time payments is added to your credit reports, and that payment activity helps improve your credit score.

And, eventually, the past negative items will drop off your report and all that remains will be positive. Plus, you’ll have a nice savings balance accrued once the loan is paid off.

Finally, remember that the wonderful aspect of credit scores is that they constantly change with your actions. You have full control over the situation, even when you feel stuck.

Just one of these credit restoration strategies can make a tremendous difference in your credit rating, so identify which makes the most sense for you and start today. It won’t take long before you have a credit report and score you can be proud of — and one that others will value.

Most people, at some point in their lives, will need to take out a loan for a large purchase, be it for a home, a car, or another important expense. Whether you’re in good financial standing or working on credit repair, it’s helpful to have a set of guidelines to look to before submitting a loan application. Keep reading for five tips to improve your chances of loan approval.

The most important thing to do before applying for a loan is to make sure your finances and credit are both in good standing. Even with less-than-stellar credit, there are several things you can do to improve your chances of being approved for a loan, including paying down debt or shopping for a specific type of lender.

Even when not in the market for a loan, it’s always a good idea to keep an eye on your credit score — but it’s downright vital when you’re looking for a line of credit. Making sure the information is correct and accurate — and that your identity hasn’t been compromised — will give you peace of mind about your credit score and general financial standing. It will also help you determine what to look for in a loan offer.

The federal government has mandated that every American adult is entitled to one free credit report per bureau per year, so it’s a good idea to take advantage of this and check your credit once a year at the very least. A variety of free apps and websites will also help you track your credit, or you can use any number of paid services to constantly monitor your credit.

Occasionally, consumers do find errors on their credit reports. If you check your credit and notice an error, this is your chance to contest the item on your credit report and restore accuracy. If you do a lot of online shopping, like many Americans today, it can make you more vulnerable to hackers and scammers. Regularly monitoring your credit report can help ensure your credit information stays out of the wrong hands.

Even if you don’t have the greatest credit score, if you’ve chosen the right lender, you may still be able to qualify for a loan. Some lenders are more likely to loan smaller amounts of money to those who are in the process of rebuilding credit.

Some major banks will automatically turn down loan applicants with a credit score below 700, but many smaller financial institutions may still be willing to work with you, including community banks and local credit unions. You can also use online lending networks, like those below, to shop a wide range of lenders from across the country.

One of the best ways to find a lender with flexible credit requirements is to consult people who have been in a similar situation. Recommendations from friends or coworkers (or online reviews, taken with the proverbial pinch of salt) can help guide you in the right direction.

If you still have questions about whether a certain lender is right for you after doing what research you can online, you can simply call the lender in question and talk through your general financial situation.

Shopping for the right lender can be made a lot easier by pulling your credit reports. For example, if you have poor credit, you can save time (and hard credit inquiries) by skipping lenders that tend to only approve prime applicants. This is important, as hard credit inquiries can have an effect on your credit score.

Your debt-to-income ratio is exactly as it sounds: the ratio of how much debt you have over your total income. A high debt-to-income ratio means you have a large amount of debt relative to the income you have coming in, which can be a strong indicator of financial troubles and an inability to pay your debts.

Thus, if too large a portion of your income is being spent on monthly repayments of debt, such as a mortgage, auto loans, or revolving credit card debt, you may not be eligible for a loan, regardless of your credit score. Essentially, banks want to make sure you can afford to repay the money they loan you, and a high debt-to-income ratio is a red flag.

In general, if you are using more than roughly 40% of your monthly income to repay debt, your chances of being approved for a loan will likely decrease. Keep in mind that this typically only includes actual debts, rather than regular bills like utilities. Make sure you have the income you need to repay your loan to improve your approval chances.

Additionally, if you’re just starting out on your credit journey, you may already know that many lenders can be cautious about granting loans to applicants with little or no credit history. Oftentimes, this can be offset by the addition of a cosigner who has a good deal of credit history, a good credit score, and a low debt-to-income ratio.

However, this person would be responsible for the repayment of the loan should you be unable to pay it back for any reason. Consider this before you ask a coworker, boss, or friend. Ideally, a cosigner should be someone with whom you share a mutually trusting relationship, especially when it comes to money, such as a spouse or family member.

In many cases, one of the fastest ways to improve your credit score (and, thus, improve your approval chances) is to pay down existing debt. This is particularly effective if you have large credit card balances and, thus, high utilization rates, as high credit card utilization can significantly drag down your score.

Though paying down debt can be a large and daunting task for some people, there are many methods to help you effectively and quickly pay down some of your debt without needing to squeeze every penny. However, when paying down debt, expect to have to make some sacrifices, such as giving homemade holiday gifts instead of store-bought ones, cooking at home more often, or finding more inexpensive hobbies.

Don’t be too concerned with paying off every penny, as having some revolving debt can show financial responsibility as long as your utilization remains low and you make at least your minimum payments on time every month. Focus on any delinquent debts first, as these do the most credit damage. Then move on to the highest-interest debts, especially any high-interest credit card debt.

In the modern credit world, loans are a necessity for many people. By following this set of guidelines, you may be able to increase your chances of loan approval by raising your credit score and increasing your overall creditworthiness. This can also help set you up for a lifetime of financial stability.

Indeed, with a little careful planning and budgeting, hard work, and frugality, it’s not too difficult to improve your credit score and put yourself in an excellent position to obtain a variety of future credit products. A credit repair company may also assist with this process by helping to clean up your credit report and remove errors, outdated information, and unsubstantiated accounts. Ultimately, these tips are a good set of guidelines to follow in general, not just when you’re thinking of applying for a loan. Unfortunately, unexpected expenses tend to pop up from time to time and you never know when you may need some extra cash. Maintaining a healthy credit report will help you be prepared when one of those times arise.